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20130801
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, texas and louisiana and hoping for many more as the football season gets underway. here is my suggestion. there you go. go bears. that is right. we have to get the blue ink approved though. california golden bears, my alma mater. see a sonic sales get boosted in those areas. goldman sachs, we told you about it yesterday, a large number of trading errors and the market yesterday. potentially costing the firm more than $400 million. does this remind you of anything? it should. it bears a scary resemblance to the errors that brought down knight capital just one year ago. they are much smaller, but how much risk is a market facing as electronic trading increasingly dominates the financial system? with us now, edgar perez. author of the new book, "knightmare on wallstreet." you did this, the speed traders. this has been a good seller, especially since high-frequency trading has reared its head's with individual investors. correct? >> everybody involved in these traits. if you look at knight capital, they paid a high price for that. liz: as we understand it, a flood of erroneous trades, system
to wail. what a jump. the numbers we see with west texas intermediate, more than $2 higher. >> you have a market that is almost defying conventional wisdom. again, going through every one of the resistance levels. keep in mind, pretty much a perfect storm here. some positive news from a china forecast. you have a very strong stock market. again, there is no reason for someone to stand in the way. last monday, a week ago monday it traded up. this is trying its hardest to get up to that $110 level. the only indicator you could have to make a real downside case was the relative weakness of the gasoline which really led all day today. you have a market that is looking as strong as possible, but you have to keep an eye on this. may be a possibility for a little bit of clay. maybe this as everyone nice and warm. and nice direction looking right around the corner. liz: thank you. we do appreciate it. they're is a trial going on in manhattan that basically has the name of fabulous them. can you imagine. the jury is in the milk of deciding the fate of former goldman trader, fox business liz macd
elements necessary i statewide basis. this built close to an amusement park, for instance, some in texas, one in canada. it can recover its investment in less than a year. >> very quickly, a chance answer the question, but you just met with elon musk several days ago, what can you tell us about the announcement later today. >> to wait. liz: i am terribly claustrophobic. i don't have a lot of phobias, but that is one of them, being in an enclosed space. taken to affect the psychological aspect of this. >> she's wondering what it would be like to travel in this, what might feel like for somebody who usually travel trains, planes, automobiles. right? >> most people travel in cars, this is a car like vehicle. why make a vehicle any other size. most people would pay extra to take a taxi instead of a cab. i mean instead of a bus. this would be a bus like fair, but a taxi like ride. >> fascinating stuff. thank you for coming to the fox business network. we are excited to work with you in the future. we will go to china, so we will see you. liz: let me just say if he can get me from new york to
anywhere at this point, they stay with the nasdaq. you had l texas instruments leave the new york stock exchange and come to the nasdaq. >> well, for various reasons companies list on different exchanges, there's a cost standpoint, there's a financial reporting standpoint. so for different competitive reasons, companies may choose the new york stock exchange versus nasdaq. i think it's a little bit more intricate to get listings on either one of the two, so it's a little more variable. liz: i always like to say perspective because if you're looking very close at something, it's disconcerting, but let's look at it from about 10,000 feet if we can. >> right. liz: a three-hour outage not a huge deal in the end? >> i don't think at the end of the day, we'll have some clarity by friday, and i think the indices will continue trading, and tomorrow it'll be business as usual. liz: jonathan is the analyst who covers the exchanges, can you just stick with us for a minute? we need to take a quick commercial break, but stocks trading once again through the nasdaq. we've got the closing bell ringing
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